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This can allow you to guard the property youre renting out. For additional peace of mind, consider requesting a security deposit as well.
As you can see there are a ton of ways that you can make passive income. Hopefully, this list has helped you narrow down which source of income is best for you.
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So if youre tired of this traditional way of making money, implement a few of the passive income strategies above so you can start working and making more money as you sleep now.
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Then, thinking it was my only option, I tried to work out how I'd cut down our household expenses if we had a baby. After all, I wanted to begin saving for his or her school.
Don't forget saving for retirement! My spouse and I wanted to ensure we can tell all the other military families that we had a good TSP and Roth IRA for our prospective old-selves. We didn't want to appear financially uneducated.
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However, something did not feel appropriate. My thought process seemed counterintuitive and it was forcing some difficult conversations between my wife and I.
How were we supposed to keep up this with each new baby and/or expense we had We were hoping to have three children someday. As a result, our many discussions about finances started making the future seem more and more stressful. Anxiety began setting in.
I watched the book, Rich Dad Poor Dad, in my Audible"Recommended for you" and I had a 13-hour driveway from Pensacola, FL to New River, NC after graduating Naval Flight School. Over the next few hours in my Automobile University, my world was turned upside down.
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Gone were the days where I'd save money for the sake of compound interest and wait until I turned 59.5 or 65 to spend any of it.
I wanted my life to become better NOW! Or at least within the next several years. Moreover, I wanted my life to continue getting better every month and each year.
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Rich Dad Poor Dad tells a story about a man with two fathers: his own and his visit best friends. His dad has a 6-figure paycheck, a college degree, lives in a nice neighborhood, and contains a 401k, but struggles month-to-month financially. The other daddy didnt possess a college degree, dwelt in a lesser neighborhood, and did not have a 401k retirement plan.
The kicker was, the dad with all the 6-figure paycheck was the"poor dad" in the book. .
The rich dad lived a relatively stress-free lifetime in which he created systems to work for himwhile the inadequate dad Recommended Reading constantly found himself pouring over his receipts and household spending clocks.
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The rich dad let me realize, all I needed to do would be get much more paychecks. Paychecks that I didn't work for on an everyday basis.
Most of us grow up focusing on how much we earn per hour. Constantly trading our precious time for money and striving valiantly to increase our hourly rate.
In the army, it means doing everything we can to get to the next rank for a web cover bulge or waiting one more year to get our bi-monthly paycheck to increase with a sad 2.5%.
We keep trading our time for money even though time is the only thing we can't earn more of... we can always earn more money.
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Here's the question I felt the book asking mewhat if you, Markian, spent your free time creating something that would continuously send you checks on a monthly basis.